Crypto firm co-founder, 26, charged with taking S$270,400 from investors, making false robbery report

SINGAPORE — Two 26-year-olds were charged on Wednesday (Oct 11) after allegedly making a false police report about a robbery of S$270,400 in cash at Pasir Ris Park and misappropriating the money from a blockchain company.

Lek Tai Yong was handed one charge for making a false police report and one charge for criminal breach of trust. Eddie Ong Wei Xian was charged with one count of aiding Lek to commit criminal breach of trust.

On Aug 31, Lek was said to have misappropriated S$270,400 belonging to blockchain and crypto mining company Frontier Digital Asset Management, court documents showed.

Lek’s account on networking site LinkedIn states that he was the co-founder of the company and worked there from June 2021 to September this year.

Separately, also on Aug 31 at around 3.10am, Lek allegedly made a false police report that he was robbed by two unknown men at Pasir Ris Park. 

For Ong’s part, he allegedly helped Lek to commit criminal breach of trust. While court documents did not state what he did, the police said in an earlier statement that Ong allegedly aided Lek in hiding the money he took.

“Through follow-up investigations, officers from Bedok Police Division arrested the two men and recovered the S$270,400 cash on Aug 31, 2023 within nine hours after the alleged false report was lodged,” the police said on Tuesday night.

They also said in their statement that the money was “from investors”.

If found guilty of making a false police report, Lek faces a jail term of up to two years or a fine, or both. He also could be jailed for up to seven years or be given a fine, or both, if convicted of criminal breach of trust.

Ong could be jailed up to seven years or be given a fine, or both, if found guilty of abetment to criminal breach of trust.